Senator: US should use oil and gas as strategic weapon in world politics

HOUSTON — The United States should use its oil and gas bounty as a strategic weapon, helping to protect allies and tame crises like those unfolding in Russia and Venezuela, Sen. Lisa Murkowski said Monday.

“I’m not saying we need to go out there and throw some sharp elbows, but I do think we need to be aware of what we have and how important a tool diplomatically an energy asset can be,” Murkowski said after delivering an opening speech to the IHS CERAweek energy summit in Houston.

Crude oil prices climbed about $2 a barrel on Monday amid concerns that Russia’s invasion could cause disruptions in the natural gas it supplies to European countries. Meanwhile, violent protests are taking place in Venezuela amid high inflation, climbing crime and other social concerns.

If more U.S. oil and gas enters the global market, it could help tame world prices by calming supply fears while simultaneously spurring more domestic production, Murkowski told the CERAweek audience.

“We’ve got a cushion now because of what we are producing,” said Murkowski, R-Alaska. “It allows for . . . a level of stability worldwide that we simply would not have had” otherwise.

But right now, America’s “ability to respond quickly and nimbly” is hampered by limits on oil and gas exports, Murkowski stressed. ”If this was a situation where we wanted to use our natural gas opportunities as political leverage, we’re not in that place now.”

Murkowski said she was looking to the Obama administration to act in a “pragmatic” recognition that legislation on the issue is not likely to advance on Capitol Hill during an election year. But it is not clear that the White House would touch the issue before the November elections because of the same political considerations.